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1

BUSINESS CYCLE ANALYSIS OF THE CORE AND PERIPHERY COUNTRIES IN THE EMU

100%
Černíková P.
Ekonomický časopis (Journal of Economics)
|
2010
|
vol. 58
|
issue 5
471-491
EN
The article deals with business cycles of selected European countries for the long period of time - since 1960. The group of analysed countries is represented by the member states of the Economic and Monetary Union. The analysed group of countries contains both members sharing the single common currency euro and selected countries that decided to keep their national currency. The article examines development of business cycles during a long period of time. This will be done by the Hodrick-Prescott approach to a detrending of time series. Symmetries in business cycles are finally analysed by comparing the business cycles of the EMU member states. Then it is possible to analyse whether there is any core and periphery within the EMU according to the business cycles or not.
2

STOCK MARKET CORRELATIONS AND THE BUSINESS SENTIMENTS: EVIDENCE FROM THE US AND GERMANY

100%
Gao R., Zhang B., Liu H.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 4
396 – 415
EN
We analyse the correlations between the US and German stock markets and study the influences of the US and German business sentiments on the correlations. On the whole, high US business sentiment increases the correlations, while low US business sentiment decreases the correlations. However, the German business sentiment has virtually no influence on the correlations. The correlations are joint positive-type asymmetric, although the asymmetry is not statistically significant. Both the asymmetry in the correlations and the influences of the business sentiments on the correlations had structural breaks caused by the advent of the Euro and the recent financial crisis.
3

ŠTÚDIÁ ZÁVISLOSTI DAŇOVEJ KONKURENCIE A DAŇOVÉHO ZAŤAŽENIA ČLENSKÝCH ŠTÁTOV EUÓPSKEJ ÚNIE

86%
Teplická K., Daubner M.
Ekonomický časopis (Journal of Economics)
|
2013
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vol. 61
|
issue 2
172 – 186
EN
The issue of tax harmonization and tax competition in the European Union has dealt extensively since its inception. The aim of this study has been find out dependence between tax competition and tax burden in European Union by regression analysis and to analyse chosen reasons for tax competition in area of direct taxes. We have confirmed by regression analysis and correlation following: tax competition is connected with lower government expenses in public services, it leads to higher economic growth, it raises tax burden of consumptions and budget deficit acts as limiting factor of tax competition.
4

SENSITIVITY ANALYSIS FOR A DYNAMIC STOCHASTIC ACCUMULATION MODEL FOR OPTIMAL PENSION SAVINGS MANAGEMENT

72%
Jakubik T., Melicherčík I., Ševčovič D.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 8
756 - 771
EN
Since January 2005, pensions in Slovakia are operated by a three-pillar system. This paper concentrates on the mandatory, fully funded second pillar. In their analysis authors follow the dynamic stochastic accumulation model proposed by the authors in (Kilianova et al., 2006). Recently pension asset managers tend to be very cautious and they hold low stock to bond proportions in the pension funds. The authors discuss the sensitivity of the level of savings with respect to the proportion of stocks in the portfolios. Furthermore, they perform the sensitivity analysis with respect to correlation between stock and bond returns and risk aversion. Finally, authors prove linearity of the level of savings with respect to the contribution rate.
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